Bonus Query

Newbie

Hi All,

Fairly new to the world of Paraplanning/Financial Planning, and I was just curious if it’s common for bonuses to be paid to Administrators, Paraplanners or Planners? If so, is there a standard bonus structure recognized by the industry (ie x% of salary) or does each firm offer different bonus structures?

Just curious!

Thanks all.

TomLloyd_Read

For admin and paraplanning staff, it all depends and each firm will have their own take on it, much like any other industry. I've tended to work for firms that have paid a bonus, although it has varied from purely discretionary to a structured annual review and associated % of salary.

Newbie

Thanks for the response. As I say I was just curious having never worked in the industry before. What about for financial planners/advisers? Is it similar to the above you stated or is there a different set up for them?

Thanks again.

TomLloyd_Read

Again, depends on the firm. Generally speaking, as the fee earners they will be entitled to bonus but the metrics for deciding this will be very different in each firm.

ruthiebusybee

In my experience the bonuses for admin and paraplanners have been completely discretionary and even varied from a set £ to a % of salary from year to year in the same company. Or linked to PD targets.

For planners/advisers, one firm only had them on S/E basis and they simply got 50% (or whatever) of everything they brought in. Another had the on salary and a target and a bonus based on above target earnings.

Definitely doesn't seem to be any hard and fast rule.